UK authorities finalise operational resilience approach

The Bank of England (BoE), Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published their final policy and supervisory statements on operational resilience on 29 March 2021.

This concludes an extended period of engagement with the industry since the very first discussion paper on the subject in July 2018, followed by a series of consultation papers in December 2019.

While there are no fundamental changes to the approach there are some helpful clarifications to the interpretation and application of the policies and a greater understanding of the supervisory approach. Firms will want to understand how these changes may influence their current or planned work.

Download this Hot Topic to see our summary of the final policies.